[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

February 8, 2012For Immediate Release
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwai-cho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo REIT Management Co., Ltd.
Representative: Wataru Orii, President & Representative Director
Contact: Masaya Hiruta, Senior Executive Managing Director
Tel: 03-3502-4891

Sale of Portfolio Properties
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) hereby announces that it has sold two
portfolio properties. Details are below.

1. Sale Summary
O-31 Sendai Ichibancho Building
Asset
Acquisition date (acquisition date bypre-merger Ichigo REIT)
Sale priceBook value
Difference between sale price and book value
Contract dateSettlement date (expected)
Settlement method

Trust beneficiary rights in real estate (juekiken)
November 1, 2011
(March 17, 2006)
1,191,600,000 yen (plus taxes)
1,378,577,259 yen (estimated as of January 31, 2012)-186,977,259 yen
February 8, 2012
February 28, 2012
Assignment of trust beneficiary rights

O-41 Kearney Place Kanazawa Ekimae
AssetAcquisition date (acquisition date bypre-merger Ichigo REIT)
Sale priceBook value
Difference between sale price and book value
Contract dateSettlement date (expected)
Settlement method

Trust beneficiary rights in real estate (juekiken)
November 1, 2011
(March 15, 2006)
550,000,000 yen (plus taxes)
539,895,271 yen (estimated as of January 31, 2012)
10,104,729 yenFebruary 8, 2012
February 28, 2012
Assignment of trust beneficiary rights-1-2. Reasons for the Sale
Post its merger with the former Ichigo Real Estate Investment Corporation on November 1, 2011, Ichigo
REIT has been proactively taking actions to further its growth as a comprehensive J-REIT and pursue
stable and steady profitability. Ichigo REIT has defined the period until October 2012 as “Stage I” under
this growth strategy, aiming to “Lay the Foundation for Growth” by improving portfolio quality via thestrategic use of its negative goodwill.
Today’s two asset sales were determined after analyzing the future potential of all of Ichigo REIT’s
properties based on criteria such as property age, occupancy, and maintenance cost. The sales willcontribute to improving the quality of Ichigo REIT’s portfolio, thereby helping achieve one of the goalsof Stage I.
In addition, with the strong cooperation from the Ichigo Group under a Support Agreement, Ichigo REIT
is actively marketing its portfolio assets and expects to strengthen these activities going forward.

3. Use of Funds
The funds obtained through the sale will be used for partial repayment of existing borrowings andfunding future growth.

4. Summary of Properties
O-31 Sendai Ichibancho Building
AssetTrustee
Location

LandBuilding

Property right
Size
ZoningCoverage ratio /Floor area ratio
Property right
Use
Structure
Total floor area
Construction date

Number of tenants
Rental income
Deposit
Rentable space
Leased space
Occupancy
Acquisition priceAppraisal

Appraiser
Date
Value

Trust beneficiary rights in real estate (juekiken)
The Chuo Mitsui Trust and Banking Company, Ltd.
2-10-17, Ichibancho, Aoba-ku, Sendai City, Miyagi
Ownership (fee simple)
1,545.67m2
Commercial
80% /500%
Ownership (fee simple)
Office, Parking
SRC/S 11F
8,600.59m2
April 22, 1993
18 (as of January 31, 2012)
106 million yen (in the period ending October 2011)
117 million yen (as of January 31, 2012)
5,675.73 m2 (as of January 31, 2012)
4,853.31 m2 (as of January 31, 2012)85.5 % (as of January 31, 2012)
1,384 million yen
Richi Appraisal InstituteOctober 31, 2011
1,384 million yen-2-O-41 Kearney Place Kanazawa EkimaeAssetTrustee
LocationLand

Building

Property right
Size
ZoningCoverage ratio /Floor area ratio
Property right
UseStructure
Total floor area
Construction date

Number of tenants
Rental income
Deposit
Rentable space
Leased space
Occupancy
Acquisition priceAppraisal

Appraiser
Date
Value

Trust beneficiary rights in real estate (juekiken)
The Chuo Mitsui Trust and Banking Company, Ltd.
2-1, Horikawashinmachi, Kanazawa City, Ishikawa
Ownership (fee simple)
878.22m2
Commercial
80% /600%
Ownership (fee simple)
Office, RetailSRC 8F
3,449.43m2
April 27, 19909 (as of January 31, 2012)
37 million yen (in the period ending October 2011)
43 million yen (as of January 31, 2012)
2,454.09 m2 (as of January 31, 2012)
1,899.32 m2 (as of January 31, 2012)
77.4 % (as of January 31, 2012)
533 million yen
Richi Appraisal Institute
October 31, 2011
533 million yen

5. Profile of Buyers
O-31 Sendai Ichibancho Building
The buyer is a Japanese general operating domestic company but has not provided consent for thedisclosure of its name. The buyer is not a “related party” as defined in the Enforcement Ordinance ofthe Investment Trust and Investment Corporation Law and the internal rules of the asset managementcompany.
O-41 Kearney Place Kanazawa Ekimae
NameAddress
Representative
CapitalPrincipal businesses
Relationship with theInvestment Corporation orasset management company

IMON Real Estate Corporation
5-15-3 Higashi-Ooi, Shinagawa-ku, Tokyo
Shoji Imon, President
50 million yen
Real Estate Rental Business, Parking Business
None

The buyer is not a “related party” as defined in the Enforcement Ordinance of the Investment Trustand Investment Corporation Law and the internal rules of the asset management company.

-3-6. Broker
Summary
Name
Address
Representative
CapitalPrincipal businesses

Relationship with theInvestment Corporation orAsset Management Company

Ichigo Solutions Co., Ltd. (“ISL”)
The Imperial Hotel Tower, 1-1-1 Uchisaiwaicho, Chiyoda-ku,
Tokyo
Akio Nakajima, President & Representative Director
500 million yen
Financial Instruments Dealer, Moneylending Business, Real
Estate Business
ISL is a 100% subsidiary of Ichigo Group Holdings Co., Ltd.,the parent company of Ichigo REIT Management (“IRM”), towhich Ichigo REIT entrusts its asset management operation. Inaddition, ISL has in place an agreement to support both Ichigo
REIT and IRM.

The broker is a “related party” as defined in the Enforcement Ordinance of the Investment Trustand Investment Corporation Law and the internal rules of the asset management company.
Brokerage Fees
O-31 Sendai Ichibancho Building
O-41 Kearney Place Kanazawa Ekimae

29,790,000 yen
16,500,000 yen

7. Schedule
February 8, 2012:

Contract signing

February 28, 2012 (expected):

Settlement of Sendai Ichibancho Building and Kearney Place
Kanazawa EkimaePartial repayment of GE Japan Loan V8. Future Outlook
These sales will generate a loss of c. 230 million yen, and the lowered rental income after sellingthese two properties is expected to decrease Ichigo REITs’ operating, current, and net profit relative
to its forecasts for the fiscal periods ending April 2012 and October 2012. However, because Ichigo
REIT expects to offset these by using its negative goodwill (which totals 16.5 billion yen as ofNovember 1, 2011), there is no change in the dividend forecast.

-4-Portfolio Reference Information
1. Post-Sale Portfolio SummaryOccupancy(as of December, 31 2011)
Average Building Age(as of February 29, 2012)
Diversification by Area
(Tokyo Metropolitan Area/Other Areas)(as of February 29, 2012)

Before Sale (A)After Sale (B)Difference
(B-A)

92.6%

93.1%

0.5%

20.9 years

20.9 years

N/A

70.7% / 29.3%

72.0% / 28.0%

1.3% / -1.3%“Tokyo Metropolitan Area” refers to “Central Tokyo” and “Tokyo Metropolitan Area.” “Other Areas”
refers to “Four Major Regional Cities” and “Other Regional Cities” in the below list.
2. Post-Sale Portfolio SummaryNo.

Property

AreaAcquisition
Price(mm yen)

O-01

COI Shinbashi Building

Central Tokyo

6,110

5.76%

O-02

COI Nishisando Building

Central Tokyo

3,254

3.07%

O-03

MTC Building

Central Tokyo

2,740

2.58%

O-04

COI Nanpeidai Building

Central Tokyo

1,920

1.81%

O-05

Joware Hanzomon

Central Tokyo

1,550

1.46%

O-06

COI Hijirizaka Building

Central Tokyo

1,200

1.13%

O-07

COI Shibuya Kamiyamacho Building

Central Tokyo

1,505

1.42%

O-08

COI Akasaka 5 Chome Building

Central Tokyo

735

0.69%

O-09

COI Shibazonobashi Building

Central Tokyo

1,100

1.04%

O-10

COI Ebisu Nishi Building

Central Tokyo

1,917

1.81%

O-11

COI Ginza 612

Central Tokyo

1,773

1.67%

O-12

COI Uchikanda Building

Central Tokyo

1,140

1.07%

O-13

COI Kudan-Minami Building

Central Tokyo

387

0.36%

O-14

COI Yotsuya 4 Chome Building

Central Tokyo

550

0.52%

O-15

COI Akasaka Tameike Building

Central Tokyo

580

0.55%

O-16

DSM Jimbocho Building

Central Tokyo

1,820

1.72%

O-17

DSM Nihonbashi Kakigaracho
Building

Central Tokyo

1,150

1.08%

O-18

COI Kudan 2 Chome Building

Central Tokyo

763

0.72%

-5-% ofPortfolio

O-19

COI Kudan 3 Chome BuildingCentral Tokyo

844

0.80%

O-20

COI Gotanda Building

Central Tokyo

5,060

4.77%

O-21

Benex S-2

Tokyo Metropolitan Area

1,816

1.71%

O-22

COI Minami-Ikebukuro Building

Tokyo Metropolitan Area

1,460

1.38%

O-23

Technos Nakano Building

Tokyo Metropolitan Area

764

0.72%

O-24

COI Eitai Building

Tokyo Metropolitan Area

1,490

1.40%

O-25

COI Yokosuka Bayside Building

Tokyo Metropolitan Area

971

0.92%

O-26

Chitose Building

Tokyo Metropolitan Area

2,030

1.91%

O-27

Route Ikebukuro Building

Tokyo Metropolitan Area

639

0.60%

O-28

Nishi-Gotanda AccessCentral Tokyo765

0.72%

O-29

TK Kichijoji Building

Tokyo Metropolitan Area

2,160

2.04%

O-30

Ibaraki Kowa Building

Other Regional Cities

604

0.57%

O-32

COI Hiroshima Kamiyacho Building

Other Regional Cities

885

0.83%

O-33

COI Mei-Eki Building

837

0.79%

O-34

COI Nagoya Plaza Building

4,705

4.44%

O-35

COI Sendai Chuo Building

510

0.48%

O-36

Solon Keyakidori Building

788

0.74%

O-37

CRD Marunouchi

6,710

6.33%

O-38

Toyamaeki Nishi Building

Other Regional Cities

1,650

1.56%

O-39

Daihyaku Mirai-Shinkin Building

Other Regional Cities

1,1001.04%

O-40

Kearney Place Saga

Other Regional Cities

659

0.62%

O-42

COI Takamatsu Building

Other Regional Cities

3,010

2.84%

O-43

COI Toyama Shinsakuramachi
Building

Other Regional Cities

367

0.35%

O-44

Akita Sanno 21 Building

Other Regional Cities

560

0.53%

O-45

COI Niigata Building

Other Regional Cities

1,830

1.73%

Subtotal – Office (43 Properties)

72,40868.27%

Four Major Regional
CitiesFour Major RegionalCities
Other Regional Cities
Four Major Regional
CitiesFour Major RegionalCities

R-01

ForeCity Roppongi

Central Tokyo

1,730

1.63%

R-02

ForeCity Azabujuban

Central Tokyo

1,140

1.07%

R-03

ForeCity Azabujuban No.2

Central Tokyo

1,250

1.18%

R-04

Bureau Takanawadai

Central Tokyo

1,360

1.28%

R-05

ForeCity Shirokanedai

Central Tokyo

824

0.78%

-6-R-06

B-Site Hamamatsucho

Central Tokyo

701

0.66%

R-07

ForeCity Akihabara

Central Tokyo

2,520

2.38%

R-08

Sweet One Court

Central Tokyo

786

0.74%

R-09

B-site Ginza East

Central Tokyo

946

0.89%

R-10

ForeCity Sasazuka

Central Tokyo

1,050

0.99%

R-11

Gran Presso Kawadacho

Central Tokyo

592

0.56%

R-12

ForeCity Sakurashinmachi

Tokyo Metropolitan Area

932

0.88%

R-13

ForeCity Shinkamada

Tokyo Metropolitan Area

1,040

0.98%

R-14

ForeCity Nakaochiai

Central Tokyo

435

0.41%

R-15

ForeCity Tomigaya

Central Tokyo

1,341

1.27%

R-16

ForeCity Ryogoku

Tokyo Metropolitan Area

1,080

1.02%

R-17

ForeCity Toyosu

Tokyo Metropolitan Area
Four Major Regional
ForeCity Nishihonmachi
CitiesSubtotal – Residence (18 Properties)
Four Major Regional
Falcon Shinsaibashi Building
Cities

1,349

1.27%

927

0.87%

20,00518.86%

3,410

3.22%

R-18

Z-01
Z-02

Fiesta Shibuya

Central Tokyo

1,970

1.86%

Z-03Burc Omori

Tokyo Metropolitan Area

3,218

3.03%

Z-04

Pagoda Asakusa

Tokyo Metropolitan Area

1,640

1.55%

Z-05

Regalo Building

Tokyo Metropolitan Area

1,310

1.24%

Z-06

Lespoir 296

Tokyo Metropolitan Area

903

0.85%

Z-07

El Centro Sapporo

558

0.53%

Z-08

Daimyo Balcony

638

0.60%

Subtotal – Others (8 Properties)

13,64712.87%

Total

106,060

100.00%

Four Major Regional
CitiesFour Major Regional
CitiesThis document is being distributed today to the Kabuto Club (the press club of the TSE) as well as to the press clubfor the Ministry of Land, Infrastructure, Transport, and Tourism and the press club for specialty construction
newspapers at the Ministry of Land, Infrastructure, Transport, and Tourism.

Website of Ichigo REIT: www.ichigo-reit.co.jp-7-